Does usury apply to all types of loans?

"I have a good job but a poor credit score. I'm having trouble finding a good rate for a car loan.

If I decide to go with a private lender, would usury apply?"

Answer
“Usury laws vary on where you live or where your lender is headquartered. If you get a private loan, there’s no guarantee that it will fall under usury loans.
Therefore, you should research the usury rate in your state. Once you know what the legal limit is, you can start shopping around with lenders. This will give you a strong idea of what a decent interest rate should be for your car loan.
Before agreeing or signing any contract, you should review all the terms and conditions. Some states allow higher interest rates if you willingly sign the contract with the interest rate clearly stated. If you’re unfamiliar with loan contracts, ask a family member or friend to review it.
Since you’re financing a new car, you should also shop around for car insurance with Jerry. Through this app, you can compare dozens of rates at the touch of a button.”
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Emily Maracle
Answered on Jul 30, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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